Latest news with #JPMorganChase
Business Wire
4 hours ago
- Business
- Business Wire
JPMorganChase and Coinbase Launch Strategic Partnership to Make Buying Crypto Easier than Ever
NEW YORK--(BUSINESS WIRE)--Today, JPMorganChase (NYSE: JPM) and Coinbase (NASDAQ: COIN) announced a strategic partnership that sets a new standard for customer choice and security in the innovation economy. This collaboration introduces features designed to enhance access and optionality for our mutual customers. The initial phase of the partnership includes new features for mutual customers, including: Direct Bank-to-Wallet Connection: Through JPMorgan's secure API, Chase customers will be able to seamlessly link their bank accounts to Coinbase wallets. This direct connection will help mutual customers transact with the confidence, security, and privacy they're used to as customers of Chase. Transfer of Chase Ultimate Rewards Points: Chase customers will be able to transfer their Chase Ultimate Rewards points to their Coinbase Account at one-to-one redemption ratio (100 points equals $1.00 in redemption value). This marks the first time a major credit card rewards program will be used to fund a crypto wallet. Beginning this Fall, the ability to use Chase credit cards on Coinbase: For the first time, customers will have the ability to fund their Coinbase accounts using Chase credit cards. We expect these direct bank-to-wallet and Ultimate Rewards features to go live in 2026, and the ability to use credit cards to fund a Coinbase account in Fall 2025. 'This partnership marks a significant step forward in empowering our customers to take control of their financial futures,' said Melissa Feldsher, Head of Payments and Lending Innovation for JPMorganChase. 'By joining forces with Coinbase, we are enhancing the security and privacy of our customers' data, allowing them to use their money and rewards in new and exciting ways. With Ultimate Rewards, the most flexible loyalty program in the industry, our customers can now seamlessly and securely convert their points into cryptocurrencies." 'We're excited to partner with JPMorganChase to onboard the next generation of consumers into crypto. Together, we are expanding choice and lowering barriers to entry for consumers to participate in the future of financial services onchain,' said Max Branzburg, Head of Consumer & Business Products at Coinbase. About Coinbase Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We're updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world. About JPMorgan Chase JPMorgan Chase (NYSE: JPM) is a leading global financial services firm based in the United States of America ('U.S.') with assets of $3.7 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. Under the J.P. Morgan and Chase brands, the firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional, and government clients globally. For more information, visit
Yahoo
4 hours ago
- Business
- Yahoo
JPMorgan nears deal to take over Apple's credit card portfolio
JPMorgan Chase is reportedly in advanced discussions to take over Apple's credit-card program, potentially replacing Goldman Sachs as the tech giant's card partner, reported Wall Street Journal. The negotiations, which have been ongoing since early last year, have picked up pace in recent months. Apple has expressed a preference for JPMorgan Chase, indicating a strong possibility of a partnership that would bring together two of America's most powerful companies, the report said. This alliance would offer JPMorgan access to Apple's dedicated customer base for additional financial product offerings, while Apple would benefit from JPMorgan's extensive consumer franchise to boost sales and financing of its products. Currently, the Apple card programme holds approximately $20bn in balances with Goldman Sachs. The transition to a new issuer has been in the works for at least two years, with Apple and Goldman Sachs considering various potential partners, including major credit-card issuers like American Express, Capital One, Synchrony Financial, as well as fintech companies and private-credit firms. In a separate but related development, Visa has reportedly proposed a payment of around $100m to Apple in a bid to take over from Mastercard as the network for the Apple card. Despite the advanced stage of the talks, the deal has yet to be finalised, and there is a possibility that the negotiations could fall through. One of the main hurdles in the discussions is the Apple card programme's significant exposure to subprime borrowers, which is influencing the price JPMorgan is willing to pay Goldman Sachs for taking on the card balances. Goldman Sachs' credit-card portfolio has a higher proportion of subprime borrowers compared to JPMorgan. As of March's end, approximately 34% of Goldman's credit-card balances were associated with individuals with credit scores below 660. In contrast, JPMorgan reported that only 15% of its balances were from this demographic. Another concern is the delinquency rate on Goldman's credit-card balances, which stood at around 4% for payments overdue by 30 days or more at the end of March. This rate is higher than the industry average of 3.05% across all commercial banks for the same period. Furthermore, the Apple card's policy of not charging late fees eliminates a significant revenue stream for the issuer. Earlier this month, US District Judge David Dugan dismissed a lawsuit accusing Apple, Visa, and Mastercard of anti-competitive payment practices. They alleged Apple received a "cash bribe" from Visa and Mastercard to stay out of the market, resulting in higher transaction costs. "JPMorgan nears deal to take over Apple's credit card portfolio – report " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
4 hours ago
- Business
- Bloomberg
JPMorgan and Coinbase Strike Deal to Link Bank Accounts and Crypto Wallets
JPMorgan Chase & Co. and Coinbase Global Inc. signed an agreement to directly link customers' bank accounts to their cryptocurrency wallets, according to a Wednesday statement, as banks and financial technology companies increasingly clash over who has access to consumer data and at what cost. The deal establishes a direct connection between Chase bank accounts and Coinbase crypto wallets, according to the statement. The bank-to-wallet connections are expected to go live next year, the firms said.
Yahoo
15 hours ago
- Business
- Yahoo
Starbucks remote workers ordered to return to office 4 days a week
Remote workers will have to return to the office at least four days a week – up from three – or take a buyout as CEO Brian Niccol works to turnaround the coffee chain's prolonged sales slump. The company's new in-office requirement will apply to all office workers starting in October, Niccol said Monday. Starbucks is offering employees who decide to leave the company a one-time voluntary exit program that includes a cash payment. 'We are reestablishing our in-office culture because we do our best work when we're together,' Niccol said in a statement. 'We share ideas more effectively, creatively solve hard problems, and move much faster. Being in person also helps us build and strengthen our culture. As we work to turn the business around, all these things matter more than ever.' Many office workers got hooked on remote work as the COVID-19 pandemic shut down offices across America. Five years later, a growing number of employers from Amazon to JPMorgan Chase are winding back the clock on remote work. Starbucks began requiring employees to return to the office at least three days a week in 2023. Now it will also require all corporate people managers working remotely to relocate to Seattle or Toronto within 12 months. Across industries, the moves have not always been popular with employees. Three-quarters of employed adults who have a job that can be done from home are working remotely at least some of the time, according to a recent Pew Research Center survey. If their employer no longer allowed them that flexibility, nearly half said they would be unlikely to stay on. Is remote work only for rich CEOs? Double standard ignites workplace tensions Also unpopular is the perception of a double standard for executives. Some top executives run their businesses from the comfort of their home office hundreds or even thousands of miles from the corporate headquarters. Niccol has been Starbucks' highest-profile remote worker. Last year, the company lured him from Chipotle Mexican Grill with a deal that permits him to commute 1,600 miles from his Newport Beach, California, home to the company's Seattle headquarters on the company's private jet and on its dime. Starbucks says Niccol now has an office and a residence in Seattle. Niccol's arrangement attracted a lot of media attention, 'putting him in an uncomfortable position,' said Stanford University economics professor Nick Bloom, who studies remote work. 'I suspect part of this move is also for Niccol to reestablish himself as the tough in-person leader and move away from being seen as some kind of work-from-home champion.' (This story has been updated to add new information.) This article originally appeared on USA TODAY: Starbucks tells remote workers to return to office 4 days Solve the daily Crossword
Finextra
15 hours ago
- Business
- Finextra
Apple and JPMorgan Chase close in on credit card deal
JPMorgan Chase is on the verge of closing a deal to replace Goldman Sachs as issuer for the Apple credit card, according to reports. 0 The two firms are nearing an arrangement on the Apple Card portfolio, according to the Wall Street Journal. CNBC says that while an agreement is likely, JPMorgan is asking for concessions on how that card is serviced. Apple launched its credit card with Goldman Sachs in 2019 but by 2023 the Wall Street bank was looking to ditch the portfolio as part of its retreat from the consumer markets, an ill-fated venture which has saddled the investment bank with huge losses from its investments. JPMorgan Chase has long been rumoured as a potential replacement, although in September 2024 reports suggested that it was seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card owing to higher-than-average delinquencies and defaults on the portfolio. Questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the US economy could be headed for a slowdown. JPMorgan is also understood to be seeking to abandon Apple Card's calendar-based billing feature, in which all customers get statements at the start of the month rather than staggered throughout the period. While appealing to customers, the feature puts a huge burden on service personnel who have to field multiple calls at the same time every month. Despite these concerns, an agreement now appears to be close, with other potential issuers, including Barclays and Synchrony Financial, falling by the wayside. Earlier this year, the Journal also reported that Visa has offered Apple $100 million to take over the card partnership from Mastercard.
